254 LAWS OF MARYLAND [CH. 128

certificates or temporary bonds shall be issued in all re-
spects subject to the restrictions and requirements set
forth herein. The Board may, by appropriate resolution,
provide for the replacement of any bonds issued hereunder
which shall have become mutilated or be destroyed or lost
upon such conditions and after receiving such indemnity
as the Board may think it proper and necessary to stip-
ulate and require.

SEC. 7. And be it further enacted, That any and all
obligations issued pursuant to the authority of this Act,
the interest payable thereon, and the income derived there-
from in the hands of the holders thereof from time to time,
shall be and are hereby declared to be exempt from State,
county and municipal taxation of every kind and nature
whatsoever in the State of Maryland.

SEC. 8. And be it further enacted, That none of the pro-
visions of Sections 165 to 185 of the Code of Public Local
Laws of Anne Arundel County, being Article 2 of the Code
of Public Local Laws of Maryland, as said sections were
enacted by Chapter 185 of the Acts of the General Assem-
bly of Maryland, passed at its January Session in the year
1939, and as Section 167 was amended by Chapter 612 of
the Acts of the General Assembly of Maryland, passed at its
January Session in the year 1943, shall limit or affect in any
way the powers hereby conferred, and the duties and obli-
gations hereby conferred and imposed upon the Board of
Education of Anne Arundel County and the County Com-
missioners of Anne Arundel County are hereby exempted
from the provisions of said sections to the extent that there
may be, or may appear to be, any conflict or inconsistency
between the provisions of said sections and the provisions
of this Act, and none of the provisions of said sections shall
be construed as a limitation upon the powers hereby con-
ferred; provided, however, that any funds heretofore or
hereafter budgeted for school construction pursuant to the
requirements of Section 167 (a) (3) or pursuant to Sec-
tion 167 (c) of said Code of Public Local Laws may be
applied by the County Commissioners of Anne Arundel
County on account of the payment of the principal and
interest, of any bonds issued hereunder; and provided fur-
ther that, except for the application of such funds, the
County Commissioners of Anne Arundel County shall in
each fiscal year, pursuant to Section 167 (a) (1), budget
an amount sufficient to meet the debt service requirements
of the bonds hereby authorized, as above provided.